Traction Converters Market Size, Share, Industry Trends and Forecast to 2030

Traction Converters Market Size & CAGR in 2021

The global traction converters market is expected to witness a CAGR growth rate of 4.5% from 2021 to 2026. The market size is projected to reach USD 2.5 billion by the end of 2026. Traction converters are essential components in electric locomotives, subway trains, and trams, playing a crucial role in converting electrical energy for propulsion.

COVID-19 Impact on the Traction Converters Market

The COVID-19 pandemic had a significant impact on the traction converters market due to disruptions in the supply chain and a decrease in demand for public transportation. The lockdown measures imposed in many countries led to a temporary halt in manufacturing activities, affecting the production of traction converters.

Traction Converters Dynamics

The traction converters market is driven by the increasing adoption of electric vehicles, government initiatives to promote sustainable transportation, and the growing focus on reducing carbon emissions. Technological advancements in traction converters, such as regenerative braking systems and energy-efficient designs, are also contributing to market growth.

Segments and Related Analysis

The traction converters market can be segmented based on type, application, and region. By type, the market is divided into AC traction converters and DC traction converters. In terms of application, the market includes electric locomotives, subway trains, trams, and others. Regionally, the market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

By Region Analysis

- North America: The North American region is expected to dominate the traction converters market due to the presence of key players and technological advancements in the region.

- Europe: Europe is projected to witness significant growth in the traction converters market, driven by government initiatives to promote electric vehicles and reduce carbon emissions.

- Asia Pacific: The Asia Pacific region is anticipated to experience rapid growth in the traction converters market, owing to the increasing adoption of electric transportation in countries like China and India.

- Latin America: Latin America is expected to show promising growth opportunities for the traction converters market due to increasing investments in sustainable transportation infrastructure.

- Middle East & Africa: The Middle East & Africa region is likely to witness steady growth in the traction converters market, supported by initiatives to modernize rail networks.

Key Market Players and Competitive Landscape

- Siemens AG

- ABB Ltd

- General Electric Company

- Hitachi Ltd

- Mitsubishi Electric Corporation

- Toshiba Corporation

- Alstom SA

- CRRC Corporation Limited

- Bombardier Transportation

Recent Happenings in the Traction Converters Market

1. Siemens AG introduced a new regenerative braking system for electric locomotives, enhancing energy efficiency and reducing carbon emissions.

2. ABB Ltd signed a partnership agreement with a leading rail operator to supply traction converters for their electric fleet, contributing to sustainable transportation initiatives.

3. General Electric Company announced the development of a next-generation DC traction converter with advanced power electronics technology for improved performance.

4. Hitachi Ltd collaborated with a transportation authority to implement innovative AC traction converters in their subway trains, optimizing operational efficiency.

5. Mitsubishi Electric Corporation launched a new series of traction converters with enhanced reliability and safety features, meeting the evolving requirements of the rail industry.